CHICAGO, Dec. 6, 2021 /PRNewswire/ -- According to the report "Traffic Sensor Market by Type (Inductive Loop, Piezoelectric Sensor, Bending Plate, Image Sensor, Infrared Sensor, Radar Sensor, LiDAR Sensor, Magnetic Sensor, Acoustic Sensor, Thermal Sensor), Technology, Application, and Region - Global Forecast to 2026", published by MarketsandMarkets, the market is estimated to be valued at USD 566 million in 2021 and reach USD 809 million by 2026; it is anticipated to grow at a CAGR of 7.4% during the forecast period (2021-2026).
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The major factors driving the growth of the traffic sensor market are growing need for real-time information systems, and government initiative to upgrade transport infrastructure. However, several factors, such as Deployment of multi-sensor data fusion technology for effective traffic control, can act as a key challenge in the market during the forecast period.
Lidar sensor segment is projected to witness the highest CAGR for the forecast period
Lidar sensor is expected to grow at a higher CAGR during the forecast period. The market for LiDAR senor has seen the emergence of large number start-ups, with high R&D investments. Such developments are likely to lead to significant technical improvements and cost reductions in solid-state LiDARs.
Automated Tolling (E-Toll) to account for the highest CAGR of Traffic Sensor market during the forecast period
The Automated Tolling (E-Toll) is estimated to grow at the highest CAGR from 2021 to 2026 during the forecast period, as the growth of this segment can be attributed because automated tolling is rapidly becoming the most popular way for commuters to pass through tolls on highways and expressways. It is now a necessity and a daily part of their lives. The working of these systems is very fast, along with an efficient mode for the collection of toll charges at the toll plazas. This saves a lot of time since vehicles passing through the toll plaza need not stop to pay the toll, and the payment is made automatically from the account of the vehicle.
2D segment will have the highest growth in the coming years
2D segment is expected to account for the highest growth of the traffic sensor market by 2026. Despite the numerous benefits of 3D sensor technology for quality traffic monitoring applications, many traffic control authorities continue to rely solely on 2D sensors for quality control processes. While useful in a limited number of scenarios, 2D sensor is limited in its ability to achieve 100% quality control, which is considered a major concern, especially in case of multilane and heavy urban traffic congestions, where near to 100% quality control is a major preference. Due to these reasons, although the 2D sensor will continue to dominate the traffic sensor market.
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129 - Tables
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APAC is attributed to growing at the highest CAGR in Traffic Sensor market during the forecast period (2021-2026)
The traffic sensor market in APAC has been segmented into China, Japan, and Australia, which are the fastest-growing market for traffic sensors. The fastest growth of the APAC traffic sensor market is expected to be driven by the increasing number of mega cities and growing population in developed and developing countries.
In 2020, the Traffic Sensor market was dominated by EFKON (Austria), Siemens (US), International Road Dynamics (Canada), Kapsch TrafficCom (Austria), and Q-Free ASA (Norway).
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